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RBI Directs Commercial Banks to Shift Statutory Return Submission to CIMS Portal

In a directive issued on April 15, 2024, the Reserve Bank of India (RBI) has instructed all commercial banks to shift their submission of Form A, Form VIII, and Form IX from the eXtensible Business Reporting Language (XBRL) Portal to the Centralized Information Management System (CIMS) Portal.

The timelines specified in the directive for the submission of these returns are as follows:

  • Form A Return: Starting from Friday, June 14, 2024.
  • Monthly Form VIII Return: Effective from May 2024.
  • Annual Form IX Return: Effective from December 31, 2024.

Until the stipulated dates or months, banks are instructed to submit Form A and Form VIII returns on both the XBRL and CIMS portals concurrently. This dual submission requirement aims to ensure a seamless transition period, allowing banks to acclimatize to the new reporting system effectively.

The RBI’s directive on transitioning to the CIMS Portal for submitting statutory returns reflects a forward-thinking approach to modernizing data reporting in the banking sector. The RBI aims to enhance transparency, accuracy, and timeliness in regulatory reporting by leveraging advanced technology and centralizing information management.